Austin, Texas—Trammell Crow Co. (TCC) teamed up with Clarion Partners in order to develop Park 183 in Southeast Austin, Texas. The companies have acquired a 95-acre land parcel for the master planned industrial business park that is designated for 964,000 square feet of Class A industrial space.

Park 183 is located at the intersection of Burleson Road and Route 183, less than a mile away from State Highway 71 and close to major arterials including Interstate 35 and SH 130. Park 183 will also benefit from the completion of the 183 South Project that broke ground in April 2016 and will connect Route 290 to SH 71 with an uninterrupted freeway from southwest to northwest Austin. The park is adjacent to Austin Bergstrom International Airport and less than 9 miles away from downtown Austin.

The project will be built in multiple phases with phase one consisting of the speculative development of two buildings totaling 247,000 square feet and drainage, utility infrastructure and significant road for the business park. Phase one construction is expected to commence in the first quarter of 2017. The companies have not disclosed the costs of the projects nor did they discuss prospective tenants.

“As our economy continues to expand, the industrial market has exhibited rapid growth that has pushed rental rates to an all-time high…Park 183 was specifically conceived to offer tenants Class A space at a price point that is far below all other new product in the market and more in line with historical averages,” Brad Maples, senior vice president with TCC’s Austin business unit, said in prepared remarks.

STG Design, Jones|Carter, Wylie Consulting Engineers and Bihner Chin Engineering will be responsible for the design of the development. Mark Emerick, John Barksdale, Ace Schlameus and Darryl Dadon with CBRE’s Austin office will lead the leasing and marketing teams.